We realized N1.86bn from sale of forfeited assets in 2024 – ICPC

The Independent Corrupt Practices and Other Related Offences Commission, ICPC, has disclosed that it realised N1.86 billion from the auction of forfeited assets in 2024, stressing that it is the highest amount recorded since its establishment.

In a statement by the spokesperson of the ICPC, Demola Bakare, on Wednesday said the amount was announced during the 2025 meeting of the asset disposal committee, following a report presented by the Proceeds of Crime Department , POCD.

Bakare stated that the report shows that 10 out of the 23 assets disposed of in 2024 were successfully auctioned in December of that year.

The spokesperson explained that seven could not be sold due to low bids that fell below the approved threshold or forced-sale value.

According to him, the remaining six assets were affected by legal, security, or encroachment challenges, adding that four unsold assets have been rolled over into the 2025 disposal programme.

“For the 2025 exercise, the Committee has presented 30 movable and immovable assets for disposal.

“These include four (4) rolled-over assets from 2024, twelve (12) immovable assets, three (3) movable assets, and eleven (11) batches of perishable assets newly enrolled for auction.

“A breakdown of the amount of money realized from the disposal revealed that perishable/scrapped assets stood at N3,969,400.00, off-cycle disposal sales (3 No. assets) were valued at N975,000,000.00, while on-cycle disposal sales (20 No. assets) is valued at N890,000,000.00,” the statement read.